The Apartment Amenities Race Continues

[Jorge Abreu]

A new report from Apartment Guide has found that 36% of apartment residents are unhappy with the amenities in their current apartment building. Apartment residents noted a need for more storage space (31%); a dishwasher (16%); better Wifi (16%); parking (15%); central heating and air conditioning (11%); and in-unit laundry (11%).

Renters are willing to pay more for these amenities. Four in 10 or 38% of survey respondents said they would pay $100 or more for a new living amenity. Residents in large cities would pay even more, valuing an amenity at $202 per month.

A survey of 2,000 apartment residents from Package Concierge found that half of the renters have revised their outlook on amenities due to the pandemic. Package management systems, smart home devices including temperature control and digital locks, gym and recreation sports facilities, outdoor kitchen and dining areas, and pet services were the most in-demand amenities listed in that survey. In addition, 91% of respondents said that these amenities played a role in their apartment search.

👉 Which amenities do you think will bring the most #ROI to your property?

[Robert Belz]

Hi @Jorge Abreu,

Thanks for the info. I have learned, (sometimes the hard way), just how important amenities are.  Our MFH are located in SLC, UT, so covered parking is a consistent winner for our renters. That said, I do have a MFH with no off street parking and I always have to field that question when filling a vacancy. Fortunately the property is located on a quiet street with plenty of on-street parking. 

As far as bringing the most ROI to a property: we turned a triplex's common laundry room into extra square footage for one unit, and converted extra unused space into individual laundry room's for the other two units. This win-win made our tenants happy, and increased our ROI.